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ArcelorMittal wins Essar Steel auction, as shareholders propose US$7.42 billion settlement plan

By Benjamin Clarke

26 October 2018

ArcelorMittal wins Essar Steel auction, as shareholders propose US$7.42 billion settlement plan iStock.com/sdlgzps

Luxembourg-headquartered ArcelorMittal has won a bid to acquire insolvent steel maker Essar Steel India, a day after the company’s shareholders made a rival US$7.42 billion offer to settle all admitted claims.